MIRA INFORM REPORT
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Report Date : |
20.03.2012 |
IDENTIFICATION DETAILS
|
Name : |
KANGNAM CHEMICAL CO., LTD. |
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Registered Office : |
1355-21, Seocho 2-dong, Seocho-gu, Seoul, Korea, 9th Fl., Gangnam Bldg., Zip Code 137-862 |
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Country : |
South Korea |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
12.03.1971 |
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Com. Reg. No.: |
214-81-10843 |
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Legal Form : |
Co., Ltd by shares |
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Line of Business : |
Manufacture of Synthetic Resin and Other Plastic Materials |
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No. of Employees
: |
284 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Good |
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Payment
Behaviour : |
No Complaints |
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Litigation : |
Clear |
NOTES:
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – September 30th, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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South korea
|
a1 |
a1 |
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Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
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Company Name |
KANGNAM CHEMICAL
CO., LTD. (Korean Company
Name : “강남화성(주)”) |
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Registered
Address |
1355-21, Seocho 2-dong, Seocho-gu, Seoul,
Korea |
|
Building |
9th Fl., Gangnam Bldg. |
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Zip Code |
137-862 |
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Tel |
+82-2-3415-8000 |
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Fax |
+82-2-3473-3262 |
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E-mail |
|
|
Website |
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Trading Address |
9th Fl., Gangnam Bldg., 1355-21, Seocho 2-dong,
Seocho-gu, Seoul, Korea |
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Tel |
+82-2-3415-8000 |
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Fax |
+82-2-3473-3262 |
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Other Address-Banwol Factory |
609B-22, 626, Seonggok-dong, Danwon-gu,
Ansan-si, Gyeonggi-do, Korea |
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Tel |
+82-31-599-8000 |
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Fax |
+82-31-492-2860 |
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Other Address-Daegu Sales Office |
1578, Sangyeok 2-dong, Buk-gu, Daegu, Korea |
|
Tel |
+82-53-383-6580 |
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Fax |
+82-53-383-6588 |
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Other Address-Daejeon Sales Office |
1682-7, Sinil-dong, Daedeok-gu, Daejeon,
Korea |
|
Tel |
+82-42-934-7088 |
|
Fax |
+82-42-934-7235 |
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Other Address-Busan Sales Office |
394-1, Deokpo 2-dong, Sasang-gu, Busan, Korea |
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Tel |
+82-51-301-3871 |
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Fax |
+82-51-301-3876 |
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Other Address-Gwangju Sales Office |
989-3, Jangdeok-dong, Gwangsan-gu,
Gwangju, Korea |
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Tel |
+82-62-953-7930 |
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Fax |
+82-62-953-7929 |
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Type |
Export/Import |
|
Industry |
Manufacture of Synthetic Resin and Other Plastic Materials |
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Main Business |
Phenolic Resins, Polyurethane Resins, Acryl Resins, Silicone Balance,
Painters Work |
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Established
(mm/dd/yyyy) |
03/12/1971 |
The Subject owns
the premises of registered HQ address.
|
Activity |
Detailed Products (UNSPSC) |
|
Sell |
Resins(13111000) |
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Sell |
Polyurethane resins(13111061) |
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Sell |
Compounds and mixtures(12350000) |
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Sell |
Phenolic resin(13111002) |
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Sell |
Polyamide(13111031) |
|
Sell |
Preservatives(12164501) |
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Sell |
Polyurethane resins(13111061) |
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Name |
Chung Ha-Yong |
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Address |
Suite 304-403, 70-1, Geumgok-dong,
Bundang-gu, Seongnam-si, Gyeonggi-do, Korea |
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Date of Birth |
09/28/1947 |
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Title |
Co-President & CEO |
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Sex |
Male |
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Nationality |
Korean |
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Capital (KRW) |
7,000,000,000 |
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Employees |
284 |
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Formation |
Co., Ltd by shares Foreign Direct Investment Corporation A Company of KUNSUL CHEMICAL
INDUSTRIAL CO., LTD GROUP |
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Bank Details |
Citibank, Korea Shinhan Bank |
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Corporate Registered No. |
110111-0101264 |
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Business Registered No. |
214-81-10843 |
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Permit & Licenses |
06/05/1984 KS Mark 08/18/1987 KS Mark 10/04/1995 ISO 9001 by LRQA KOREA 02/27/2006 ISO 14001 by LRQA KOREA Int’l Trade No.: 538022 |
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Shareholder Position |
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Company History |
03/12/1971 incorporated as the present name 10/12/1971 Registered as a Foreign Direct Investment
Corporation |
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Job Description |
Title |
Name |
Sex |
Nationality |
Inauguration Date |
|
Co-President & CEO |
Mr. |
Chung Ha-Yong |
Male |
Korean |
03/18/1992 |
|
Co-President & CEO |
Mr. |
Hukushi Hirotaka |
Male |
Japanese |
11/28/2011 |
|
Director |
Mr. |
Mataki Takeshi |
Male |
Japanese |
04/29/2011 |
|
Director |
Mr. |
Tamaki Tashihumi |
Male |
Japanese |
03/26/2010 |
|
Director |
Mr. |
Hasumi Toshio |
Male |
Japanese |
04/30/2007 |
|
Director |
Mr. |
Moon Kyung-Myung |
Male |
Korean |
03/18/1992 |
|
Director |
Mr. |
Lee Eung-Il |
Male |
Korean |
03/26/2004 |
|
Auditor |
Mr. |
Yamaki Kaiji |
Male |
Japanese |
04/30/2008 |
|
Auditor |
Mr. |
Lee Sang-Goon |
Male |
Korean |
03/22/2007 |
|
Supervisor |
Mr. |
Ahn Tae-Hak |
Male |
Korean |
10/23/2006 |
|
Year / Unit : KRW |
Sales |
Assets |
Net Income |
|
193,049,102,357 |
129,413,143,059 |
8,678,465,571 |
|
|
2009 |
165,367,237,583 |
115,875,436,090 |
12,570,065,696 |
|
2008 |
182,669,222,525 |
113,491,497,579 |
5,555,479,425 |
|
2007 |
131,950,448,811 |
98,369,962,575 |
3,214,472,377 |
|
2006 |
120,351,294,438 |
83,383,615,957 |
6,109,935,705 |
|
2005 |
113,086,626,947 |
77,060,692,157 |
3,959,284,718 |
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Authorized Capital(KRW) |
12,500,000,000 |
|
Paid-Up Capital(KRW) |
7,000,000,000 |
|
Total Issued Shares |
1,400,000 |
Balance
Sheet
|
|||
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Unit : Korean Won |
As of 12/31/2010 |
As of 12/31/2009 |
As of 12/31/2008 |
|
Total Assets |
129,413,143,059 |
115,875,436,090 |
113,491,497,579 |
|
Current Assets |
81,781,615,021 |
74,480,514,480 |
70,655,651,559 |
|
-Quick Assets |
56,208,040,114 |
49,806,008,402 |
50,164,146,684 |
|
-Inventories |
25,573,574,907 |
24,674,506,078 |
20,491,504,875 |
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Fixed Assets |
47,631,528,038 |
41,394,921,610 |
42,835,846,020 |
|
-Investment |
824,743,162 |
822,798,162 |
832,415,744 |
|
-Tangibles |
44,959,995,830 |
38,563,891,197 |
39,878,123,397 |
|
-Intangibles |
12,722,083 |
23,599,288 |
35,890,601 |
|
-Others |
1,834,066,963 |
1,984,632,963 |
2,089,416,278 |
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Total Liabilities |
44,678,820,140 |
38,769,578,742 |
48,115,705,927 |
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Current Liabilities |
36,601,670,062 |
29,503,785,232 |
35,052,012,358 |
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Fixed Liabilities |
8,077,150,078 |
9,265,793,510 |
13,063,693,569 |
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Capital Stock |
7,000,000,000 |
7,000,000,000 |
7,000,000,000 |
|
Capital Surplus |
12,067,520,994 |
12,067,520,994 |
12,067,520,994 |
|
Profit Surplus |
65,666,801,925 |
58,038,336,354 |
46,308,270,658 |
|
Capital Adjustment |
- |
- |
- |
|
Total Equity |
84,734,322,919 |
77,105,857,348 |
65,375,791,652 |
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Liab. & Shareholder’s Equity |
129,413,143,059 |
115,875,436,090 |
113,491,497,579 |
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Current
Liabilities |
36,601,670,062 |
29,503,785,232 |
35,052,012,358 |
|
Trade Payables |
29,068,333,155 |
22,404,669,325 |
16,382,013,310 |
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Short-Term Borrowings |
2,373,716,000 |
1,084,786,000 |
13,092,736,000 |
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Account Payables |
1,812,103,668 |
2,169,403,392 |
2,060,368,439 |
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Advance Receipts-Construction |
106,174,692 |
313,780,811 |
- |
|
Advance Receipts |
77,414,023 |
31,844,292 |
44,202,400 |
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Withholdings |
93,353,016 |
113,482,717 |
90,349,977 |
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Accrued Expenses |
714,703,078 |
970,161,779 |
1,348,601,903 |
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Accrued Income Tax |
852,261,070 |
1,867,936,676 |
1,571,724,346 |
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Current Portion of Long-Term Debts |
1,503,611,360 |
547,720,240 |
459,856,600 |
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Short-Term Provisions |
- |
- |
2,159,383 |
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Fixed
Liabilities |
8,077,150,078 |
9,265,793,510 |
13,063,693,569 |
|
Long-Term Borrowings |
4,601,999,680 |
6,029,611,040 |
10,797,481,280 |
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Provision for Severance & Retirement |
7,326,836,777 |
6,487,348,911 |
5,993,026,012 |
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Guarantee Deposit Withhold |
184,100,000 |
185,172,490 |
157,172,490 |
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Long-Term
Account Payables |
164,050,000 |
- |
- |
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Provision for Severance & Retirement |
1,090,087,504 |
881,333,382 |
- |
Income
Statement
|
|||
|
Unit : Korean Won |
As of 12/31/2010 |
As of 12/31/2009 |
As of 12/31/2008 |
|
Sales |
193,049,102,357 |
165,367,237,583 |
182,669,222,525 |
|
Cost of Sold Goods |
172,929,611,623 |
139,115,172,386 |
164,920,440,768 |
|
Gross Profit |
20,119,490,734 |
26,252,065,197 |
17,748,781,757 |
|
Selling & Admin. Expenses |
9,505,713,456 |
9,292,631,856 |
9,529,745,301 |
|
Operating Income |
10,613,777,278 |
16,959,433,341 |
8,219,036,456 |
|
Non-Operating Income |
1,024,392,661 |
1,093,726,121 |
2,191,399,343 |
|
Non-Operating Expenses |
892,309,319 |
1,644,752,576 |
2,884,326,075 |
|
Income Before Taxes |
10,745,860,620 |
16,408,406,886 |
7,526,109,724 |
|
Income Taxes Expenses |
2,067,395,049 |
3,838,341,190 |
1,970,630,299 |
|
Net Income |
8,678,465,571 |
12,570,065,696 |
5,555,479,425 |
Cash
Flows
|
|||
|
Unit : Korean Won |
As of 12/31/2010 |
As of 12/31/2009 |
As of 12/31/2008 |
|
Cash Flows from Operating |
12,175,962,683 |
19,907,891,205 |
2,175,299,850 |
|
-Net Income |
8,678,465,571 |
12,570,065,696 |
5,555,479,425 |
|
-Exp. without Cash Outflow |
7,244,845,333 |
5,950,697,330 |
6,659,827,506 |
|
-Revenue without Cash Inflows |
-61,055,555 |
-16,659,460 |
-287,288,630 |
|
-Changes in Asset/ & Liability |
-3,686,292,666 |
1,403,787,639 |
-9,752,718,451 |
|
Cash Flows from Investing |
-11,430,462,852 |
-3,112,618,839 |
-5,450,370,254 |
|
-Cash Inflow from Investing |
650,581,636 |
485,764,407 |
1,661,634,694 |
|
-Cash Outflows for Investing |
-12,081,044,488 |
-3,598,383,246 |
-7,112,004,948 |
|
Cash Flows from Financing |
-29,249,353 |
-17,499,956,600 |
4,471,518,920 |
|
-Cash Inflows from Financing |
1,493,543,377 |
12,229,186,000 |
166,383,307,031 |
|
-Cash Outflows from Financing |
-1,522,792,730 |
-29,729,142,600 |
-161,911,788,111 |
|
Increase/Decrease in Cash |
716,250,478 |
-704,684,234 |
1,196,448,516 |
|
Cash at the Beginning of Year |
1,375,350,988 |
2,080,035,222 |
883,586,706 |
|
Cash at the End of Year |
2,091,601,466 |
1,375,350,988 |
2,080,035,222 |
|
Main Products & Services |
Phenolic Resins, Polyurethane Resins, Acryl Resins, Silicone Balance,
Painters Work |
|
Competitors |
KPX CHEMICAL CO., LTD. 190-3, CHUNGJEONGRO 2-GA SEODAEMUN-GU
SEOUL, 120-012 SOUTH KOREA TEL:+82-2-3616500 FAX:+82-2-3635600 DONGSUNG CHEMICAL CO., LTD. 472, SHINPYONG-DONG SAHA-GU BUSAN, 604-836
SOUTH KOREA TEL:+82-51-2004500 FAX:+82-51-2045636 M&FC CO., LTD 376-11, SEOGYO-DONG MAHPO-GU SEOUL, 121-839
SOUTH KOREA TEL:+82-2-3257050 FAX:+82-2-3253885 |
(Subsidiaries, Joint-Venture & Affiliates)
|
Affiliates |
KUNSUL CHEMICAL INDUSTRIAL CO.,
LTD.(180111-0003391) KANG NAM CORPORATION(180111-0054667) KANG NAM GUNYOUNG CO., LTD.(110111-0328412) KDK AUTOMATIC COATINGS CO., LTD
(110111-0601701) KPI CO., LTD.(180111-0044535) KANGNAM ITEC CO., LTD.(110111-2062349 ) BO KWANG CORPORATION(181211-0000419) CHUNGSAN BIOTECH CO., LTD.(110111-1033961 ) P&S CO., LTD.(KOREA) |
|
Overseas Office |
KANG NAM CHEMICAL
BEIJING MATERIALS CO., LTD.(CHINA) |
|
Corporate Ownership |
DIC CO., LTD.(JAPAN) |
|
Major Shareholders |
DIC CO., LTD.(JAPAN) |
|
Cooperative Enterprise |
-Technical support from DIC CO., LTD.(JAPAN) -Insured Company DONGBU INSURANCE CO., LTD.(110111-0095285) |
(Activity & Markets)
The Subject deals
with the companies in China, Japan, Philippines and Vietnam.
No.
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FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.50.12 |
|
UK Pound |
1 |
Rs.79.37 |
|
Euro |
1 |
Rs.66.02 |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General unfavourable
factors will not cause fatal effect. Satisfactory capability for payment of
interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with full
security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
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NB |
New Business |
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This score serves as a reference to assess SC’s credit risk and
to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.